Insolvency Support Officer
An insolvency support officer works with businesses or individuals facing financial difficulties. They assist in managing and resolving debt issues, often in a legal or financial advisory context.
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Sample Job Descriptions for Insolvency Support Officer
Below are the some sample job descriptions for the different experience levels, where you can find the summary of the role, required skills, qualifications, and responsibilities.
Junior (0-2 years of experience)
Summary of the Role
An Insolvency Support Officer provides administrative and procedural support to insolvency practitioners and helps manage insolvency cases. The role involves working with a variety of stakeholders, including creditors, debtors, and legal professionals to ensure smooth operation of insolvency proceedings. This entry-level position is ideal for those with a keen interest in financial law, business operations, and administrative duties.
Required Skills
- Attention to detail
- Critical thinking
- Problem-solving
- Teamwork
- Adaptability
Qualifications
- Bachelor's degree in accounting, finance, law, or a related field.
- Understanding of financial statements and insolvency processes.
- Excellent organizational and time-management skills.
- Strong communication skills, both written and verbal.
- Ability to handle multiple tasks and cases efficiently under tight deadlines.
- Proficient in Microsoft Office Suite and case management software.
Responsibilities
- Assist in the management of insolvency cases and maintain accurate case files.
- Liaise with creditors, debtors, and other stakeholders to gather and disseminate information.
- Prepare and distribute statutory and other required documentation associated with insolvency proceedings.
- Help organize and coordinate meetings, including creditors' meetings and case reviews.
- Support senior insolvency practitioners by conducting research and compiling reports.
- Monitor case progress and ensure compliance with legal and regulatory requirements.
- Handle confidential information with discretion and in accordance with data protection laws.
- Assist with financial analysis and the realization of assets under the guidance of senior staff.
Intermediate (2-5 years of experience)
Summary of the Role
The Insolvency Support Officer is responsible for providing administrative and procedural support to a team of insolvency professionals. The role involves managing case files, liaising with stakeholders, and ensuring that all insolvency processes are conducted according to legal requirements and best practices.
Required Skills
- Excellent organizational and time management skills.
- Strong communication and interpersonal abilities.
- Attention to detail and a high level of accuracy.
- Ability to handle sensitive situations with discretion and integrity.
- Proficiency in Microsoft Office Suite and insolvency-related software.
Qualifications
- Bachelor's degree in law, business administration, finance, or related field.
- Knowledge of insolvency law and procedures.
- 2-5 years of relevant experience in insolvency, finance or a related legal field.
- Proficiency in legal and financial database management systems.
- Strong understanding of financial statements and accounting principles.
Responsibilities
- Assist in the administration of insolvency cases, ensuring compliance with statutory obligations and timelines.
- Manage and update case files throughout the insolvency process.
- Prepare and file relevant court documents and statutory reports.
- Liaise with creditors, debtors, lawyers, and other stakeholders to gather and disseminate information.
- Attend creditor meetings and assist in the recording of minutes and decisions.
- Support the insolvency practitioners with the realisation of assets and distribution of funds.
- Maintain accurate financial records and assist with the preparation of budgets and cash flow forecasts.
- Process claims and handle correspondence with claimants and creditors.
- Conduct research and provide administrative support for case strategy development.
- Ensure the confidentiality and security of sensitive information.
Senior (5+ years of experience)
Summary of the Role
As a Senior Insolvency Support Officer, you will be responsible for overseeing the insolvency process for businesses and individuals, ensuring that legal and financial procedures are followed meticulously. You will work closely with insolvency practitioners and other stakeholders to manage bankruptcies, liquidations, and reorganizations. Expert knowledge in insolvency law and experience in financial management are crucial in this role.
Required Skills
- Strong analytical and problem-solving skills.
- Excellent verbal and written communication skills.
- Effective leadership and team management abilities.
- Proficiency with insolvency software and databases.
- High level of attention to detail and accuracy.
- Ability to handle multiple cases and tasks with varying deadlines.
- Strong negotiation and conflict resolution skills.
Qualifications
- Bachelor's degree in Law, Business Administration, Finance, or a related field.
- Recognized professional qualification in insolvency, such as ACA, ACCA, or CPI.
- Minimum of 5 years of experience in insolvency or a related field.
- Demonstrated leadership experience and ability to manage a team.
- Sound understanding of legal proceedings relating to insolvency.
Responsibilities
- Oversee and administer the insolvency process for both corporate and individual cases.
- Ensure all legal requirements, policies and procedures are adhered to during the liquidation or bankruptcy process.
- Manage a portfolio of insolvency cases, delivering timely and accurate service.
- Liaise with insolvency practitioners, creditors, and debtors to ensure clear communication and resolution of claims.
- Prepare and present reports on case progress and financial status to stakeholders.
- Identify and recover assets to maximize returns for creditors.
- Mentor and guide junior staff members, sharing knowledge and best practices.
- Stay abreast of changes in insolvency legislation and incorporate them into case management strategies.
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